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It all feels quite deliberate, possibly even to the point of market manipulation. The insiders dump everything to take profits, knowing that retail investors even at their sharpest are likely to still get less profit and drive prices even lower. Then slowly buy back at lower prices.
Meanwhile, they trash the USD in order to try to inflate away the insane US national debt repayments.
The wildcard they may not have expected was the international reaction to Trump's crazy geopolitical moves, which are pushing US bond yields (and thus the cost of servicing the debt) higher.
Denmark and Sweden are completely getting out of US bonds in response to the threat to take Greenland. Japan tested the market with a £100Bn US bond sale price request. China has been quietly selling US bonds for a while, and is increasingly trading in national currencies even with traditional US allies like Saudi. Germany and Italy have shown their lack of confidence in the trustworthiness of US institutions by requesting repatriation of most of the gold reserves held by the Fed.
Things could get quite.... exciting.... in the next couple of months.